Brokerages Set South Plains Financial, Inc. (NASDAQ:SPFI) Price Target at $49.60

Shares of South Plains Financial, Inc. (NASDAQ:SPFI) have been given an average recommendation of “Moderate Buy” by the seven analysts that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $49.60.

A number of analysts recently weighed in on SPFI shares. Raymond James Financial restated an “outperform” rating and issued a $50.00 price target on shares of South Plains Financial in a research note on Monday, July 20th. Wall Street Zen upgraded shares of South Plains Financial from a “sell” rating to a “hold” rating in a research report on Sunday, May 10th. Piper Sandler lowered their price target on shares of South Plains Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, April 30th. Benchmark reiterated a “buy” rating on shares of South Plains Financial in a report on Monday, July 20th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $50.00 price target (up from $48.00) on shares of South Plains Financial in a report on Monday, July 20th.

South Plains Financial Price Performance

Shares of SPFI opened at $43.54 on Thursday. South Plains Financial has a twelve month low of $35.34 and a twelve month high of $46.94. The stock’s 50 day moving average is $43.76 and its two-hundred day moving average is $42.40. The firm has a market capitalization of $820.29 million, a PE ratio of 11.86 and a beta of 0.46. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10.

South Plains Financial (NASDAQ:SPFI) last released its earnings results on Friday, July 17th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.02. The company had revenue of $64.49 million for the quarter, compared to analysts’ expectations of $63.34 million. South Plains Financial had a return on equity of 12.36% and a net margin of 20.79%. Research analysts anticipate that South Plains Financial will post 3.77 earnings per share for the current year.

South Plains Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, July 27th were given a dividend of $0.18 per share. The ex-dividend date was Monday, July 27th. This is an increase from South Plains Financial’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 1.7%. South Plains Financial’s dividend payout ratio (DPR) is currently 19.62%.

Insider Transactions at South Plains Financial

In other South Plains Financial news, Director Richard D. Campbell sold 132,714 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $44.75, for a total value of $5,938,951.50. Following the completion of the transaction, the director directly owned 1,412,255 shares of the company’s stock, valued at approximately $63,198,411.25. This trade represents a 8.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James D. Stein sold 100,000 shares of South Plains Financial stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $44.54, for a total transaction of $4,454,000.00. Following the sale, the director owned 242,872 shares of the company’s stock, valued at approximately $10,817,518.88. The trade was a 29.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 260,000 shares of company stock valued at $11,624,642. 24.29% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On South Plains Financial

Several hedge funds and other institutional investors have recently bought and sold shares of SPFI. Y Intercept Hong Kong Ltd acquired a new position in shares of South Plains Financial during the 1st quarter worth $1,451,000. Legacy Wealth Management LLC MS purchased a new stake in shares of South Plains Financial in the 2nd quarter worth about $1,659,000. Wedge Capital Management L L P NC acquired a new stake in South Plains Financial in the 2nd quarter valued at about $2,410,000. Globeflex Capital L P acquired a new stake in South Plains Financial in the 2nd quarter valued at about $1,016,000. Finally, Sei Investments Co. increased its holdings in South Plains Financial by 91.0% during the 1st quarter. Sei Investments Co. now owns 45,721 shares of the company’s stock valued at $1,916,000 after acquiring an additional 21,786 shares in the last quarter. 54.95% of the stock is owned by institutional investors and hedge funds.

About South Plains Financial

South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.

The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.